The Cyprus Investment Programme offers the opportunity to investors and their family to acquire a Cypriot passport. The programme is based on subsection (2) in Section 111A of the Civil Registry Laws of 2002-2019.
1. Application is processed within around 6 months from the date of submission.
2. Applicant is required to hold a permanent residency for a minimum of 6 months.
3. The spouse and children of the investor including the age of 17 are eligible for the programme. Adult children from the age of 18-28 are also eligible assuming they are studying for a first university degree or first master's degree.
4. Parents of the applicant are also eligible to be included in the same application on the condition that an additional investment takes place on real estate property of a minimum of Euros 500,000 plus VAT if applicable.
5. Two donations are required of Euros 75,000 each to the Research and Innovation Fund (or another certified innovation enterprise) and to the Cyprus Land Development Corporation.
6. There is no requirement to live in Cyprus.
7. A residential property of a minimum of Euros 500,000 Euros must be held indefinitely while the rest of the investment must only be retained for 5 years.
8. Applicant must be a holder of a valid Schengen visa when filing the application.
A. INVESTMENT IN REAL ESTATE, LAND DEVELOPMENT AND INFRASTRUCTURE PROJECTS
The applicant must have invested a minimum of 2 Million Euros for the purchase or construction of buildings or for the construction of other land development projects or other infrastructure projects.
B. PURCHASE OR ESTABLISHMENT OR PARTICIPATION IN CYPRIOT COMPANIES OR BUSINESSES
The applicant must have invested a minimum of 2 Million Euros for the purchase or participation in companies or organisations established and operating in the Republic of Cyprus with investment costs of.
C. INVESTMENT IN ALTERNATIVE INVESTMENT FUNDS OR REGISTERED ALTERNATIVE INVESTMENT FUNDS OR FINANCIAL ASSETS OF CYPRIOT COMPANIES OR CYPRIOT ORGANISATIONS LICENSED BY CYPRUS SECURITIES AND EXCHANGE COMMISSION
The applicant must have invested a minimum of 2 Million Euros for the purchase of units from alternative investment funds.
D. COMBINATION OF THE ABOVE INVESTMENTS
The applicant must have invested a minimum of 2 Million Euros in combination of the above.
1. Persons with a criminal record or under criminal investigation.
2. Persons included in the list of persons whose property is under EU order to be frozen.
3. Politically exposed persons.
4. Applicants who have previously been denied citizenship by another country in the EU.
1. Offer advice in regards to the programme and its conditions.
2. Conduct any due diligence required in regards to the investment.
3. Perform due diligence in regards to the investor to ensure that he/she meets the conditions of the programme.
4. Assistance with the collection of all required documents.
5. Drafting and submitting the application.
6. Monitoring the progress of the application and liaising with the authorities.
7. Assistance with the issuance of the passports.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.